V2 - New Image Sports uses a process costing system. Direct materials are placedinto production at the beginning of the process. All spoilage is normal and isdetected at the end of the process. For March the company had the followingactivities:Beginning work-in-process inventoryUnits placed in productionGood units completedEnding work-in-process inventoryCost of beginning work-in-processDirect material costs, currentConversion costs, currentRequired:6,000 units, one-third complete24,000 units18,000 units10,000 units, one-half complete$5,000$18,000$13,800Prepare a production cost worksheet assuming that spoilage is recognized and theFIFO method is used.

Answered: Image /qna-images/answer/31a92c77-22e3-40c9-b9de-11c17b758887.jpg

V2 - New Image Sports uses a process costing system. Direct materials are placed into production at the beginning of the process. All spoilage is normal and is detected at the end of the process. For March the company had the following activities: Beginning work-in-process inventory Units placed in production Good units completed 6,000 units, one-third complete 24,000 units 18,000 units 10,000 units, one-half complete $5,000 Ending work-in-process inventory Cost of beginning work-in-process Direct material costs, current Conversion costs, current Required: Prepare a production cost worksheet assuming that spoilage is recognized and the FIFO method is used. $18,000 $13,800

V2 - New Image Sports uses a process costing system. Direct materials are placed into production at the beginning of the process. All spoilage is normal and is detected at the end of the process. For March the company had the following activities: Beginning work-in-process inventory Units placed in production Good units completed 6,000 units, one-third complete 24,000 units 18,000 units 10,000 units, one-half complete $5,000 Ending work-in-process inventory Cost of beginning work-in-process Direct material costs, current Conversion costs, current Required: Prepare a production cost worksheet assuming that spoilage is recognized and the FIFO method is used. $18,000 $13,800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Cost Accounting Answer a, b, and c and provide solution.
Equivalent Units; Assigning Costs; Cost Reconciliation—Weighted-Average Method Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,000 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to 5599,780 in total. The ending work in process inventory in January consisted of 3,000 units, which were 80% complete with respect to materials and 60% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows: Required: 1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month. 2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January. 3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and…
Provide a solution for number 10 and 11
Case 2: Consider the following data for the Assembly Department of Sink Manufacturing Company: Quantity Work in process, May 1 Started in May Completed during May Work in process, May 31 80 500 460 120 Stage of Completion Materials WIP-Beg. 90% 40% WIP-End 60% 30% Conversion Costs Cost Data: Materials P49,336 322,000 Conversion Costs Work in process, May 1 Cost added during May P9,104 139,200 The Assembly Department uses the average method of process costing. What are the equivalent units of production for direct materials and conversion costs? 5. FIFO METHOD -EUP AS TO MATERIALS: 6. FIFO METHOD -EUP AS TO CC:
Prepare a Production Cost Report Troika Company The production information for Troika's Smoothing department for August is as follows: Work in process Beginning balance: materials Beginning balance: conversion Materials Labor Overhead Cost $ 1,550 2,500 7,441 14,520 7,930 Beginning units Transferred in Transferred in Transferred out Units 650 1,780 1,810 All materials are added at the beginning of the period. The ending work in process is 30% complete as to conversion. Prepare a production cost report for August for the Smoothing Department.
The Finishing Department had 5,100 incomplete units in its beginning Work-in-Process Inventory which were 100% complete as to materials and 40 % complete as to conversion costs. 15,200 units were received from the previous department. The ending Work-in- Process Inventory consisted of 2,100 units which were 50% complete as to materials and 40% complete as to conversion costs. The Finishing Department uses first-in, first-out (FIFO) process costing. What are the equivalent units of production for materials during the period? Multiple Choice 13,100. 15,200. 14,150. 12,200.
Need answer
Bryan Company employs process costing system. A unit of product passes through two departments:Assembly and finishing before it is complete. Information regarding Assembly Department follow: Work-in-process, Feb 1 4,000 units Spoiled units 3,000 Started in Production 26,000 Transferred out 24,000Raw materials are added at the beginning of processing in the Assembly department without changing the number of units being processed. Work in Process on February 1 was 90% complete as to conversion while 4/5 converted on February 28. In the Assembly Department, inspection takes place when the units are 3/4 converted. The company usually experienced a 5% loss based on the completed units. Cost data for the month of February…
Better Choice Foods makes a single product using two processes. Quality control check takes place during the process, at which point, rejected units are separated from good units. The following details relate to production for the month of April 20X9, for Process 2. Work-in-process, beginning inventory: -0- Transfer from Process 1: 15,000 units valued at $51.40 each Other manufacturing costs incurred during April: Direct material added Direct labour Manufacturing overhead $513,000 $365,000 $211,000 Normal losses were estimated to be 5% of input during the period. Losses from Process 2 are deemed to be scrap, and sold at $40 per At inspection 1,750 units were rejected as scrap. These units had reached the following degree of completion: Input material Direct material added Conversion costs 100% 50% 30% 12,000 units were completed and transferred to Finished Goods Work-in-process at the end of April had reached the following degree of completion: Input…
A process costing system in your company. Direct material A is placed into production at the beginning of the process, while direct material B is placed into production at the end of the process. Inspection occurs at the end of the process, before the addition of direct material B. Normal spoilage is 5% of good units. For March the company had the following activities: Beginning work-in-process inventory 4,000 units, 30% complete Units placed in production 28,000 unit Good units completed 24,000 units Ending work-in-process inventory 6,000 units, 60% complete Cost of beginning work-in-process $10,000 ($5,500 direct material A, $4,500 conversion) Direct material A costs, current $38,000 Direct material B costs, current $26,400 Conversion costs, current $42,500 Required: Prepare a production cost worksheet assuming that spoilage is recognized and the weighted-average method is used.
Please don't give image format
Please do not give solution in image format thanku